What to Know Before Buying in South Florida
With year-round warm weather, sandy beaches and bustling downtown neighborhoods, it’s no wonder why so many people are interested in living in South Florida. To make your hunt easier, we’ve gathered a few insights into what you should know before you buy.
Current Market Standings
We saw a slower year than usual in 2017 for the South Florida housing market—mainly due to a lack of new construction and the decline of South American buyers. But in an upward transition, 2018 has locked down better demand, supply and in-state economic standing to make this a good time to begin your search for buying in South Florida.
And as we’ve discussed in the past, you’ll benefit from looking at interest rates before making any decisions. In recent months, rates have slightly lowered, although currently they’re at their highest level in four years.
Looking at Location
While those oceanfront properties in Miami Beach and Sunny Isles are what attract most people to Florida—and for good reason!—consider all possibilities to make the most bang for your buck. You’ll find that cities like Fort Lauderdale and Boca Raton offer more affordable properties with better quality of life in terms of space, lighter traffic and an easy, central location.
Also consider your interests. With so many different communities within South Florida, there’s truly something for everyone whether you’re a foodie, nightlife-seeker or someone looking for a quiet, peaceful neighborhood. Make a list of your top five interests for a neighborhood to help narrow your decision once your initial search is complete.
Reviewing Insurance and Inspections
While we may boast about our dreamy weather, South Florida is no stranger to tougher weather including floods and hurricanes. Be sure to really invest in the right homeowner’s insurance. While insurance costs will tend to be on the lower end with homes built in the 2000s, you can never be too safe. It’s worth a call to ask about the homes you’re looking at buying. Consider that homes with older roofs, plumbing and electrical wiring may make the process a little more difficult.
And if those factors are making your head spin, finding someone qualified to do a thorough home inspection can alleviate some of that. That way when you do put pen to the dotted line, you’ll know exactly what you’re getting.
Buying can be a stressful process, but these beginning steps will help you remain organized and successful on your search.